Roxar Signs 4-Year Software LOI with StatoilHydro

Roxar ASA technology announced that it has signed an LOI for a four year globalsoftware contract for the full suite of its reservoir modeling solution, IRAP RMST, with StatoilHydro.

The contract, valued at approximately US$ 6 million (NOK 30 million) perannum, is one of the largest ever contracts for Roxar`s softwaredivision. Roxar has previously held software agreements both withStatoil and Hydro, and the new, combined contract represents an increaseof sales value of about 10%.

This agreement will allow StatoilHydro`s geologists, geophysicists,reservoir engineers and drilling engineers` unlimited global access toIRAP RMST, widely recognized as the leading 3D software application forreservoir characterization in the exploration and production industry today.

The result for StatoilHydro will be higher quality and faster modeling,better decision-making, maximizing reservoir performance, and loweringthe risk and uncertainty in exploration and production, with asset teamsable to develop integrated well planning, drilling and productionstrategies in locations offering the best financial return.